International law firm Trowers & Hamlins has advised a syndicate of financiers on a USD 270 million financing to Mazoon Mining LLC, a subsidiary of Minerals Development Oman (MDO).
The syndicate is made up of Sohar International Bank, Ahli Bank, Ahli Islamic (the Islamic arm of Ahli Bank), Bank Nizwa and National Bank of Oman.
The financing relates to the development of Oman's largest copper concentrate project, which has a total cost of approximately USD 450 million, with the financing representing around 60% of that amount.
Located in the Wilayat of Yanqul, Al Dhahirah governorate, the project covers 20 sq km and aims to produce around 115,000 tonnes of copper concentrate annually.
Trowers advised the financiers as international and Oman counsel on all finance and projects aspects of the transaction, from due diligence and negotiating the term sheet, to drafting the project finance documents and closing the deal.
Jonathan Grosvenor, Partner in London Banking and Finance team, commented:
"We are pleased to have advised the financiers on this significant transaction. This financing underpins the development of the largest copper project in Oman in terms of both production capacity and investment scale. It will play a key role in enabling delivery of the project and is expected to strengthen Oman’s position as an emerging copper producer."
Salman Ahmed, Partner and Head of Banking and Finance, Oman, commented:
"We are delighted to have advised the financiers on the complex financing of this landmark project in the minerals sector. As a major strategic project for the Sultanate of Oman and a first of its type in Oman, we are pleased to have assisted on this project."
White & Case advised MDO and Mazoon Mining LLC as lead and international counsel, with MAQ acting as local Oman counsel for the companies.
The Trowers team was led by Banking and Finance Partners Salman Ahmed, Jonathan Grosvenor and Elias Moubarak, who were assisted by Projects Partner Tom Wigley, Associates Emilia Smart, Reem Al Mahrizi and Kasab Vora, and Trainee Lawyer Shamsa Alsharji.
